Whole Foods Market, Inc. (NASDAQ:WFMI)
Still time to buy? I see great numbers coming for this stock (WFMI) in the Economy's recovery; does it have the potential to deliver more or is it done?
WFMI has been in an Uptrend since 7/15 when we issued an alert at $20.82. The stock has moved up 11 days in a row which is quite a feat. It has now reached the high last touched on 5/7 (~23.70) so this will be critical test. There may be some selling pressure from those presuming a double top. Earnings in two weeks will be critical if Whole Foods can break through that resistance. Given the run up, our indicators are overbought as they have been for a few days now. The stock may have more upside potential but there is high risk of a correction given that it is back to levels that it could not reach beyond before so caution needs to be exercised. The nearest support is at $22 which would be a better entry point.
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